من أجل علاج الاقتصاد

نيويورك ـ مع استمرار الركود الاقتصادي الذي بدأ في عام 2007، فإن السؤال الذي يشغل أذهان الجميع الآن بات واضحا: لماذا؟ فما لم نتوصل إلى فهم أفضل للأسباب التي أدت إلى اندلاع الأزمة فلن يكون بوسعنا أن ننفذ أي استراتيجية فعّالة لاستعادة العافية. وحتى وقتنا هذا لم نتوصل إلى ذلك الفهم.

في وقت ما، قيل لنا إن ما حدث كان أزمة مالية، لذا فإن جُل تركيز الحكومات على ضفتي الأطلنطي كان موجهاً إلى البنوك. فبيعت لنا برامج التحفيز بوصفها مُسَكِناً مؤقتاً مطلوباً لسد الفجوة إلى أن يتعافى القطاع المالي ويتم استئناف أنشطة الإقراض الخاص. ولكن في حين عادت الأرباح والمكافآت إلى البنوك، فإن الإقراض لم يستعد عافيته، وذلك على الرغم من تدني أسعار الفائدة الطويلة والقصيرة الأجل إلى مستويات قياسية.

تزعم البنوك أن الإقراض لا يزال مقيداً بسبب نقص المقترضين من ذوي الجدارة الائتمانية، والذي يرجع بدوره إلى ضعف الاقتصاد. والواقع أن البيانات الأساسية تشير إلى أن البنوك محقة في زعمها هذا ولو جزئيا. ذلك أن المؤسسات الضخمة تجلس على بضعة تريليونات من الدولارات، أي أن المال ليس السبب وراء امتناعها عن الاستثمار وتوظيف العمالة. ولكن وضع بعض الشركات الصغيرة، وربما العديد منها، مختلف تمام الاختلاف؛ فهي تفتقر إلى الأموال، وعاجزة عن النمو، والعديد منها باتت مضطرة إلى تقليص أحجامها.

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